Just in time to qualify for the usual “second election controversy” most presidents get – it’s really like the media and the politicians conspire to save-up this stuff to spring it at the appropriate time.
Anyway – “Executive Privilege” is the presidential synonym for “cover-up a cover-up”. This is when the administration publicly covers-up a secret cover-up. Now, if the administration has a friendly congress this will usually work. If an unfriendly one it leads to high-level “special” investigations and hearings. With a split congress it can go either way, but will almost certainly lead to total gridlock as both sides devote all their time to playing “gotcha” instead of doing the country’s business.
The administration strategy: keep playing “hide the salami” until after the election and if they win it becomes a lame-duck nuisance.
The opposition strategy: keep on-target trying to make the administration dig itself a deeper hole until there are so many outstanding questions and allegations that people go over to their side just to feel clean.
The usual outcome: lower-level bureaucrats lose their jobs, millions and millions in tax money is spent on political pissing contests, and no substantive governmental work gets done.